The mBridge has attracted widespread attention from the international community. Currently, the number of mBridge observers, including several developed countries, has been expanded to 15, and more and more systemically important banks and large multinational corporations are also looking forward to participating in mBridge. mBridge’s network effect will undoubtedly continue to expand as the number of participants increases. Driven by the new international financial infrastructure, financial inclusion and financial support to the real economy will achieve breakthrough progress. The traditional cross-border payment system has a longer transaction chain, higher transaction costs, higher transaction risks and regulatory requirements, and higher participation thresholds. At the same time, mBridge shows stronger economic effects, security and stability effects, and inclusive effects. This paper enriches the systematic research on mBridge by summarizing the advantages and disadvantages of mBridge, exploring in-depth the key concerns of mBridge’s projects, pilot results, and room for progress, and summarizing and analyzing the project from the perspectives of its economic significance, innovative mechanisms, and effectiveness and challenges. However, based on the current problems of mBridge, it seems to take time to answer whether the system will fundamentally impact the dollar-dominated cross-border trade model.
